Imperial Petroleum Q2 profit rises to $34.8M

IMPP delivered sharply higher Q2 and first-half 2026 revenue and earnings, supported by a largely unlevered balance sheet and expanding fleet.

Rhea-AI Filing Summary

Imperial Petroleum Inc. (IMPP) reported very strong growth for the quarter and six months ended June 30, 2026. Second-quarter revenues were $87.1 million, up from $36.3 million a year earlier, with net income rising to $34.8 million from $12.8 million. Basic EPS increased to $0.75 from $0.36. For the first half of 2026, revenues reached $148.8 million versus $68.4 million, and net income climbed to $62.8 million from $24.1 million, with basic EPS of $1.34 versus $0.67.

Adjusted EBITDA grew to $41.7 million in Q2 2026 and $76.7 million for the first half, compared with $17.7 million and $33.3 million in the prior-year periods. Cash and time deposits totaled about $245.2 million at June 30, 2026, and stockholders’ equity was $586.8 million against total liabilities of $58.3 million. The company operated 21 vessels with approximately 1,197,000 dwt and has contracted four additional vessels that will bring the fleet to 25 vessels and about 1.3 million dwt.

Positive

• Revenues more than doubled to $87.1 million in Q2 2026 and $148.8 million for the first half, compared with $36.3 million and $68.4 million in 2025.
• Net income expanded strongly to $34.8 million in Q2 2026 and $62.8 million for six months, well above $12.8 million and $24.1 million a year earlier.
• Adjusted EBITDA rose sharply to $41.7 million in Q2 2026 and $76.7 million for six months, up from $17.7 million and $33.3 million.
• Balance sheet remains lightly leveraged with stockholders’ equity of $586.8 million versus total liabilities of $58.3 million at June 30, 2026.
• Strong liquidity with cash and time deposits totaling approximately $245.2 million at June 30, 2026, supporting fleet growth and operations.

Negative

• Fleet utilization declined, with fleet utilization falling to 89.3% in Q2 2026 from 96.3% and fleet operational utilization dropping to 73.5% from 83.1%.
• Net cash used in investing activities was $65.0 million for the first half of 2026, reflecting significant movements in time deposits and capital deployment.

Filing Explained

The six months ended June 30 included $10,630,491 of stock repurchases, while most of the report was incorporated into existing registration statements.

As a Form 6-K, this filing furnishes interim information, here covering the unaudited periods ended June 30, 2026. Its current state is reported historical results, not a new operating or financing commitment.

Except for the CEO comment, the company says the report and exhibit are incorporated by reference into its existing Form F-3 and Form S-8 registration statements. That changes the disclosure incorporated into those registration statements; it does not announce an issuance or sale in this document.

For the six months ended June 30, 2026, financing cash flow includes stock repurchases of $10,630,491. The balance sheet also reports treasury stock of $(19,020,716) at that date, compared with $(8,390,225) at December 31, 2025.

The company identifies completion of, and funding for, its four contracted vessel acquisitions as unresolved conditions, so the stated 25-vessel fleet remains prospective until those transactions are completed.

Key Figures

Q2 2026 Revenue: $87,073,466 Q2 2026 Net Income: $34,758,699 First Half 2026 Revenue: $148,786,861 +5 more

8 metrics

Q2 2026 Revenue $87,073,466 Revenues for the quarter ended June 30, 2026

Q2 2026 Net Income $34,758,699 Net income for the quarter ended June 30, 2026

First Half 2026 Revenue $148,786,861 Revenues for the six months ended June 30, 2026

First Half 2026 Net Income $62,779,787 Net income for the six months ended June 30, 2026

Q2 2026 Adjusted EBITDA $41,744,829 Adjusted EBITDA for the quarter ended June 30, 2026

Cash and Time Deposits $245,230,702 Cash and cash equivalents plus time deposits at June 30, 2026

Fleet Size 21 vessels, 1,197,000 dwt Owned fleet on the water as of September 10, 2026

Stockholders’ Equity $586,774,057 Total stockholders’ equity at June 30, 2026

Key Terms

Adjusted EBITDA, Adjusted EPS, fleet utilization, deadweight tons, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted EPS financial

"Adjusted EPS represents Adjusted net income divided by the weighted average number of shares"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

fleet utilization financial

"Fleet utilization (4) 96.3 % ... 89.3 %"

Fleet utilization measures how much of a company’s vehicles, ships, or aircraft are actively working and earning revenue compared with the total available capacity over a given time. It matters to investors because higher utilization usually means the company is turning expensive assets into income efficiently—like a taxi that’s on fares more often rather than sitting idle—while low utilization can signal wasted capital, higher unit costs, and weaker profit potential.

deadweight tons technical

"total capacity of approximately 1,197,000 deadweight tons (dwt)"

Deadweight tons (DWT) measure how much weight a ship can safely carry, including cargo, fuel, water, crew and supplies—think of it as a truck’s payload capacity but for a vessel. It matters to investors because DWT determines a ship’s revenue potential and operating costs: larger DWT usually means more cargo per voyage and higher earnings capacity, while also affecting fuel use, port access and freight rates.

non-GAAP financial measures financial

"EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did IMPP’s Q2 2026 revenue compare to Q2 2025?

IMPP reported Q2 2026 revenues of $87.1 million, up from $36.3 million in Q2 2025. This reflects strong growth in its shipping operations over the prior-year quarter.

What were Imperial Petroleum’s (IMPP) net income and EPS for the first half of 2026?

For the six months ended June 30, 2026, net income was $62.8 million versus $24.1 million a year earlier. Basic EPS was $1.34, compared with $0.67 for the first half of 2025.

What was IMPP’s adjusted EBITDA for Q2 and the first half of 2026?

Adjusted EBITDA was $41.7 million for Q2 2026 and $76.7 million for the first half, compared with $17.7 million and $33.3 million for the same periods in 2025.

What is the size of Imperial Petroleum’s fleet and future fleet plans?

IMPP owns 21 vessels totaling about 1,197,000 dwt and has contracted three additional handysize drybulk carriers and one product tanker with 157,400 dwt. After delivery, the fleet will total 25 vessels and around 1.3 million dwt.

How strong is IMPP’s balance sheet and liquidity as of June 30, 2026?

As of June 30, 2026, stockholders’ equity was $586.8 million against total liabilities of $58.3 million. Cash and cash equivalents were $7.5 million, and time deposits were $237.7 million, providing substantial liquidity.

What were IMPP’s operating cash flows for the first half of 2026?

Net cash provided by operating activities was $78.3 million for the six months ended June 30, 2026, compared with $42.4 million for the same period in 2025.

How did fleet utilization change for IMPP in Q2 2026?

Fleet utilization was 89.3% in Q2 2026, down from 96.3% in Q2 2025, while fleet operational utilization declined to 73.5% from 83.1%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/11/2026 - 04:35 PM Accepted by SEC EDGAR 09/11/2026 - 04:34 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2026

Commission File Number 001-41095

IMPERIAL PETROLEUM INC.

(Translation of registrant’s name into English)

331 Kifissias Avenue, Kifissia 4561 Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form  40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report on Form 6-K as Exhibit 99.1 is a copy of the press release of Imperial Petroleum Inc. dated September 10, 2026, announcing its unaudited financial and operating results for the three and six months ended June 30, 2026.

EXHIBIT INDEX

99.1 Imperial Petroleum Inc. Press Release dated September 10, 2026

*****

This report on Form 6-K, including exhibit 99.1 hereto (other than the section entitled “CEO Harry Vafias Commented”), is hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (Reg. No. 333-268663), Post Effective Amendment No. 1 to Form F-1 on Form F-3 Registration Statement (Reg. No. 333-266031) and Registration Statements on Form S-8 (Reg. Nos. 333-275745 and 333-278813), including the prospectuses contained therein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 11, 2026

IMPERIAL PETROLEUM INC.
By:		/s/ Ifigenia Sakellari
Name:		Ifigenia Sakellari
Title:		Chief Financial Officer

Exhibit 99.1

IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. REPORTS SECOND QUARTER AND SIX MONTHS 2026 FINANCIAL AND OPERATING RESULTS

ATHENS, GREECE, September 10, 2026 - IMPERIAL PETROLEUM INC. (NASDAQ: IMPP; the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the second quarter and six months ended June 30, 2026.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

• Fleet operational utilization of 73.5% in Q2 26’.

• Approximately 50% of total fleet calendar days in Q2 26’ were dedicated to time charter activity while approximately 39% were dedicated to spot activity.

• Delivery of the dry bulk carrier, Eco Crossfire (2012 built), on April 3, 2026 and delivery of the drybulk carrier, Outrider (2016 built), on August 21, 2026.

• Sale of our tanker Suez Enchanted (2007 built) to third parties, on August 7, 2026, creating a net gain on sale of approximately $32 million.

• All-time high quarterly revenues of $87.1 million in Q2 26’ compared to $61.7 million in Q1 26’ and $36.3 million in Q2 25’, representing a 41.2% increase and a 139.9% increase, respectively.

• Near all-time high operating income of $33.4 million in Q2 26’ marking a $6.9 million or 26.0% increase compared to Q1 26’ and a $25.2 million or 307.3% increase compared to Q2 25’.

• Net income of $34.8 million in Q2 26’- the second best in our history- compared to $28.0 million in Q1 26’, and $12.8 million in Q2 25’, representing a 24.3% and 171.9% increase, respectively.

• Basic EPS of $0.75 in Q2 26’ and $1.34 for 6M 2026.

• EBITDA¹ of $41.2 million for Q2 26’.

• Continued enhancement of our liquidity through efficient vessel operations; cash and cash equivalents including time deposits of $245.2 million as of June 30, 2026 compared to $179.1 million as of December 31, 2025 - corresponding to an increase of 36.9%. Our current cash base is about $260 million.

• For the 6M’ 2026 our Net Income came in at $62.8 million, already exceeding our 12M’ 2025 net income performance of $50.0 million.

Second Quarter 2026 Results:

◾ Revenues for the three months ended June 30, 2026, amounted to $87.1 million, an increase of $50.8 million or 139.9%, compared to revenues of $36.3 million for the three months ended June 30, 2025, primarily due to a 6.9 vessel increase in the average number of vessels in our fleet, along with an increase in both tanker and drybulk rates driven by geopolitical tensions, mostly affecting the tanker vessels, and favorable market dynamics in the drybulk market.

◾ Voyage expenses and vessels’ operating expenses fo r the three months ended June 30, 2026, were $22.1 million and $14.4 million, respectively, compared to $10.7 million and $8.4 million, respectively, for the three months ended June 30, 2025. The $11.4 million increase in voyage expenses is mainly attributed to increased bunker costs by mainly due to an increase in spot days by 58.4% and increased bunkers’ prices. The $6.0 million increase in vessels’ operating expenses is primarily due to the increase of our fleet by an average of 6.9 vessels.

◾ Drydocking costs for the three months ended June 30, 2026 and 2025 were $7.5 million and $1.7 million, respectively. During the three months ended June 30, 2026, six vessels underwent drydocking whereas during the three months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking.

◾ General and administrative costs for the three months ended June 30, 2026 and 2025, were $1.1 million in each period.

◾ Depreciation for the three months ended June 30, 2026 and 2025, was $8.2 million and $5.7 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

◾ Management fees for the three months ended June 30, 2026 and 2025, were $0.8 million and $0.6 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

◾ Interest and finance costs for the three months ended June 30, 2026 and 2025, were $0.4 million and $0.8 million, respectively. The $0.4 million of costs for the three months ended June 30, 2026 related mainly to accrued interest expense – related party in connection with the $19.2 million and $12.3 million portions of the acquisition price of our bulk carriers, Post Marvel and Eco Crossfire, respectively, which were completely settled in the third quarter of 2026. The $0.8 million of costs for the three months ended June 30, 2025 related mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions, for which the purchase agreements allowed vessel repayment to take place within up to one year from the agreement date. For accounting purposes, the outstanding balances payable on the vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amount ultimately paid remains consistent with the originally agreed purchase prices.

◾ Interest income for the three months ended June 30, 2026, was $2.1 million as compared to $2.3 million for the three months ended June 30, 2025. The $0.2 million decrease is mainly attributed to a period on period decline in time deposit rates and amounts placed in time deposits.

◾ Foreign exchange (loss)/gain for the three months ended June 30, 2026, was a loss of $0.6 million as compared to a gain of $3.0 million for the three months ended June 30, 2025. The $0.6 million foreign exchange loss for the three months ended June 30, 2026 is mainly attributed to the weakening of the Euro currency against the Dollar at the end of the three months ended June 30, 2026 when compared to the respective currency values prevailing at the end of March 2026.

◾ As a result of the above, for the three months ended June 30, 2026, the Company reported net income of $34.8 million, compared to net income of $12.8 million for the three months ended June 30, 2025. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended June 30, 2026. The weighted average number of shares of common stock outstanding, basic, for the three months ended June 30, 2026 was 45.4 million. Earnings per share, basic and diluted, for the three months ended June 30, 2026 amounted to $0.75 and $0.70, respectively, compared to earnings per share, basic and diluted, of $0.36 and $0.35, respectively, for the three months ended June 30, 2025.

◾ Adjusted net income¹ was $35.3 million corresponding to an Adjusted EPS¹, basic of $0.76 for the three months ended June 30, 2026 compared to an Adjusted net income of $13.4 million, or an Adjusted EPS, basic, of $0.38 for the same period of last year.

◾ EBITDA¹ for the three months ended June 30, 2026 amounted to $41.2 million, while Adjusted EBITDA¹ for the three months ended June 30, 2026 amounted to $41.7 million.

◾ An average of 21.0 vessels were owned by the Company during the three months ended June 30, 2026 compared to 14.1 vessels for the same period of 2025.

Six Months 2026 Results:

• Revenues for the six months ended June 30, 2026 amounted to $148.8 million, an increase of $80.4 million or 117.5%, compared to revenues of $68.4 million for the six months ended June 30, 2025, primarily due to a 7.4 vessel increase in the average number of vessels in our fleet, along with an increase in tanker rates noticeable from the beginning of 2026 and drybulk rates which mostly improved in the second quarter of 2026.

• Voyage expenses and vessels’ operating expenses for the six months ended June 30, 2026, were $34.9 million and $25.6 million, respectively, compared to $21.2 million and $15.5 million, respectively, for the six months ended June 30, 2025. The $13.7 million increase in voyage expenses is mainly attributed to an increase in spot days by 40.3%. The $10.1 million increase in vessels’ operating expenses is primarily due to the increase in the average number of vessels in our fleet by 7.4 vessels.

• Drydocking costs for the six months ended June 30, 2026 and 2025, were $9.0 million and $1.7 million, respectively. During the six months ended June 30, 2026, seven vessels underwent drydocking whereas during the six months ended June 30, 2025, one suezmax tanker and one supramax drybulk carrier underwent drydocking.

• General and administrative costs for the six months ended June 30, 2026 and 2025, were $2.2 million and $2.3 million, respectively. This decrease is mainly attributed to the decrease in stock-based compensation costs.

• Depreciation for the six months ended June 30, 2026 was $16.1 million, a $5.4 million increase from $10.7 million for the same period of last year, due to the increase in the average number of our vessels.

• Management fees for the six months ended June 30, 2026 and 2025, were $1.6 million and $1.0 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.

• Interest and finance costs for the six months ended June 30, 2026 and 2025, were $0.6 million and $1.4 million, respectively. The $0.6 million of costs for the six months ended June 30, 2026 related mainly to accrued interest expense – related party in connection with the $19.2 million and $12.3 million portions of the acquisition prices of our bulk carriers, Post Marvel and Eco Crossfire, respectively, which were completely settled in the third quarter of 2026. The $1.4 million of costs for the six months ended June 30, 2025 related mainly to accrued interest expense – related party in connection with our last nine vessel acquisitions, for which the purchase agreements allowed vessel repayment to take place within up to one year from the agreement date. For accounting purposes, the outstanding balances payable on the vessels were required to be allocated between principal and imputed interest, despite the fact that no interest was contractually charged by the sellers. The total amount ultimately paid remains consistent with the originally agreed purchase prices.

• Interest income for the six months ended June 30, 2026 and 2025, was $3.9 million and $4.5 million, respectively. The $0.6 million decrease is mainly attributed to a decline in time deposit rates and amounts placed in time deposits.

• Foreign exchange (loss)/gain for the six months ended June 30, 2026 was a loss of $0.8 million as compared to a gain of $4.7 million for the six months ended June 30, 2025. The $0.8 million foreign exchange loss for the six months ended June 30, 2026 is mainly attributed to the weakening of the Euro currency against the US Dollar at the end of the six months ended June 30, 2026 when compared to the respective currency values prevailing at the end of the year 2025.

• As a result of the above, the Company reported net income for the six months ended June 30, 2026 of $62.8 million, compared to a net income of $24.1 million for the six months ended June 30, 2025. The weighted average number of shares outstanding, basic, for the six months ended June 30, 2026 was 45.3 million. Earnings per share, basic and diluted, for the six months ended June 30, 2026 amounted to $1.34 and $1.27, respectively compared to earnings per share, basic and diluted, of $0.67 and $0.65 for the six months ended June 30, 2025.

• Adjusted Net Income was $63.9 million corresponding to an Adjusted EPS, basic, of $1.37 for the six months ended June 30, 2026 compared to an Adjusted Net Income of $25.6 million, or an Adjusted EPS, basic, of $0.72, basic, for the same period of last year.

• EBITDA for the six months ended June 30, 2026 amounted to $75.6 million while Adjusted EBITDA for the six months ended June 30, 2026 amounted to $76.7 million. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

• An average of 20.4 vessels were owned by the Company during the six months ended June 30, 2026 compared to 13.0 vessels for the same period of 2025.

• As of June 30, 2026, cash and cash equivalents including time deposits amounted to $245.2 million and total debt amounted to nil.

¹  EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Fleet Employment Table

As of September 10, 2026, the profile and deployment of our fleet is the following:

Name

Year Built

Country Built

Vessel Size (dwt)

Vessel Type

Employment Status

Expiration of Charter(1)

Tankers

Magic Wand

2008

Korea

47,000

MR product tanker

Spot

Clean Thrasher

2008

Korea

47,000

MR product tanker

Spot

Clean Sanctuary

2009

Korea

46,000

MR product tanker

Time Charter

September 26

Clean Nirvana

2008

Korea

50,000

MR product tanker

Spot

Clean Justice

2011

Japan

46,000

MR product tanker

Time Charter

September 27

Aquadisiac

2008

Korea

51,000

MR product tanker

Spot

Clean Imperial

2009

Korea

40,000

MR product tanker

Spot

Suez Protopia

2008

Korea

160,000

Suezmax tanker

Spot

Drybulk Carriers

Eco Wildfire

2013

Japan

33,000

Handysize drybulk

Time Charter

October 26

Glorieuse

2012

Japan

38,000

Handysize drybulk

Time Charter

September 26

Neptulus

2012

Japan

33,000

Handysize drybulk

Time Charter

October 26

Supra Pasha

2012

Japan

56,000

Supramax drybulk

Time Charter

September 26

Supra Monarch

2011

Japan

56,000

Supramax drybulk

Spot

Supra Baron

2009

Japan

56,000

Supramax drybulk

Time Charter

September 26

Supra Sovereign

2012

Japan

56,000

Supramax drybulk

Time Charter

November 26

Supra Duke

2011

Japan

56,000

Supramax drybulk

Spot

Eco Sikousis

2008

Japan

82,000

Kamsarmax drybulk

Time Charter

September 26

Eco Czar

2009

Japan

82,000

Kamsarmax drybulk

Time Charter

October 26

Post Marvel

2013

Japan

96,000

Post Panamax

Time Charter

October 26

Eco Crossfire

2012

Japan

33,000

Handysize drybulk

Time Charter

September 26

Outrider

2016

Japan

33,000

Handysize drybulk

Spot

Fleet Total (2)

1,197,000 dwt

(1) Earliest date charters could expire.We have agreements to acquire an additional three handysize drybulk carriers of 107,400 dwt aggregate

(2) capacity and a product tanker of 50,000 dwt capacity, with deliveries scheduled in 2026.

CEO Harry Vafias Commented

Our exceptional second quarter and first half of 2026 demonstrate the power of our commercial strategy and disciplined execution. By securing record revenues of $87.1 million for Q2 26’, expanding our fleet toward a 25-vessel target while remaining debt free, we have driven net income for the first six months to a remarkable $62.8 million, already surpassing our profitability for the entirety of 2025. Backed by a solid balance sheet and with cash to date in the order of approximately $260 million and a fleet value anticipated to increase with our upcoming vessel additions, we are well equipped to navigate shifting geopolitical landscapes. Imperial Petroleum is in a prime position to produce strong results, while holding a flawless balance sheet and a track record of creating value through the Company’s growth and strategic asset management.

Conference Call details:

On September 10, 2026 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Conference call participants should pre-register using the link below to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register-conf.media-server.com/register/BIe85f8402e2104ed2803a92fc451f9847

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About IMPERIAL PETROLEUM INC. 

IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twenty-one vessels on the water - seven M.R. product tankers, one suezmax tanker, five handysize drybulk carriers, five supramax drybulk carriers, two kamsarmax drybulk vessels and a post panamax drybulk carrier - with a total capacity of approximately 1,197,000 deadweight tons (dwt) and has contracted to acquire an additional three handysize drybulk carriers and a product tanker of 157,400 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 25 vessels with an aggregate capacity of about 1.3 million dwt. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, including our intentions relating to fleet growth and financing, and outlook for our shipping sectors and vessel earnings, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs and other protectionist measures imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to complete the acquisitions of our four contracted vessels and to fund the purchase price for these and other recently acquired vessels, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden and the effective closure of the Persian Gulf, including the Strait of Hormuz, due to the conflict between Iran and the U.S. and Israel, or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment 

For information on our fleet and further information:

Visit our website at www.ImperialPetro.com

Company Contact:

Fenia Sakellaris

IMPERIAL PETROLEUM INC.

E-mail: info@ImperialPetro.com

Fleet Data:

The following key indicators highlight the Company’s operating performance during the periods ended June 30, 2025 and June 30, 2026.

FLEET DATA		Q2 2025				Q2 2026				6M 2025				6M 2026
Average number of vessels (1)			14.1				21.0				13.0				20.4
Period end number of owned vessels in fleet			19				21				19				21
Total calendar days for fleet (2)			1,284				1,909				2,355				3,698
Total voyage days for fleet (3)			1,237				1,704				2,304				3,468
Fleet utilization (4)			96.3	%			89.3	%			97.8	%			93.8	%
Total charter days for fleet (5)			764				955				1,268				2,014
Total spot market days for fleet (6)			473				749				1,036				1,454
Fleet operational utilization (7)			83.1	%			73.5	%			83.4	%			80.9	%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.

2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.

3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.

4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.

5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.

6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.

7) Fleet operational utilization is the percentage of time that our vessels generated revenue and is determined by dividing voyage days excluding idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation and share based compensation.

Adjusted EPS represents Adjusted net income divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating our performance.

(Expressed in United States Dollars, except number of shares)		Second Quarter Ended June 30th,								Six Months Period Ended June 30th,
		2025				2026				2025				2026
Net Income - Adjusted Net Income
Net income			12,759,434				34,758,699				24,050,420				62,779,787
Plus share based compensation			671,643				519,451				1,560,719				1,101,156
Adjusted Net Income			13,431,077				35,278,150				25,611,139				63,880,943
Net income - EBITDA
Net income			12,759,434				34,758,699				24,050,420				62,779,787
Plus interest and finance costs			838,089				383,595				1,444,472				592,147
Less interest income			(2,274,170	)			(2,111,496	)			(4,458,564	)			(3,921,937	)
Plus depreciation			5,746,291				8,194,580				10,749,128				16,125,505
EBITDA			17,069,644				41,225,378				31,785,456				75,575,502
Net income - Adjusted EBITDA
Net income			12,759,434				34,758,699				24,050,420				62,779,787
Plus share based compensation			671,643				519,451				1,560,719				1,101,156
Plus interest and finance costs			838,089				383,595				1,444,472				592,147
Less interest income			(2,274,170	)			(2,111,496	)			(4,458,564	)			(3,921,937	)
Plus depreciation			5,746,291				8,194,580				10,749,128				16,125,505
Adjusted EBITDA			17,741,287				41,744,829				33,346,175				76,676,658
EPS
Numerator
Net income			12,759,434				34,758,699				24,050,420				62,779,787
Less: Cumulative dividends on preferred shares			(435,246	)			(435,246	)			(870,492	)			(870,492	)
Less: Undistributed earnings allocated to non-vested shares			(410,718	)			(517,685	)			(869,583	)			(1,041,668	)
Net income attributable to common shareholders, basic			11,913,470				33,805,768				22,310,345				60,867,627
Denominator
Weighted average number of shares			33,267,487				45,350,830				33,107,097				45,338,067
EPS - Basic			0.36				0.75				0.67				1.34
Adjusted EPS
Numerator
Adjusted net income			13,431,077				35,278,150				25,611,139				63,880,943
Less: Cumulative dividends on preferred shares			(435,246	)			(435,246	)			(870,492	)			(870,492	)
Less: Undistributed earnings allocated to non-vested shares			(433,101	)			(525,519	)			(928,132	)			(1,060,195	)
Adjusted net income attributable to common shareholders, basic			12,562,730				34,317,385				23,812,515				61,950,256
Denominator
Weighted average number of shares			33,267,487				45,350,830				33,107,097				45,338,067
Adjusted EPS			0.38				0.76				0.72				1.37

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Income

(Expressed in United States Dollars, except for number of shares)

		Quarters Ended June 30,								Six Month Periods Ended June 30,
		2025				2026				2025				2026
Revenues
Revenues			36,348,819				87,073,466				68,440,445				148,786,861
Expenses/(Income)
Voyage expenses			10,271,965				21,058,763				20,326,079				33,065,678
Voyage expenses - related party			432,863				1,036,218				834,616				1,785,657
Vessels’ operating expenses			8,297,520				14,192,655				15,319,448				25,267,523
Vessels’ operating expenses - related party			109,000				160,000				207,500				335,000
Drydocking costs			1,692,033				7,525,438				1,692,033				8,959,177
Management fees – related party			564,960				839,960				1,036,200				1,627,120
General and administrative expenses			1,064,964				1,097,701				2,282,941				2,152,123
Depreciation			5,746,291				8,194,580				10,749,128				16,125,505
Other operating income			—				(430,324	)			—				(430,324	)
Total expenses, net			28,179,596				53,674,991				52,447,945				88,887,459
Income from operations			8,169,223				33,398,475				15,992,500				59,899,402
Other (expenses)/income
Interest and finance costs			(3,115	)			(4,471	)			(6,722	)			(8,618	)
Interest expense – related party			(834,974	)			(379,124	)			(1,437,750	)			(583,529	)
Interest income			2,274,170				2,111,496				4,458,564				3,921,937
Dividend income from related party			189,583				189,583				377,083				377,083
Foreign exchange gain/(loss)			2,964,547				(557,260	)			4,666,745				(826,488	)
Other income, net			4,590,211				1,360,224				8,057,920				2,880,385
Net Income			12,759,434				34,758,699				24,050,420				62,779,787
Earnings per share
- Basic			0.36				0.75				0.67				1.34
- Diluted			0.35				0.70				0.65				1.27
Weighted average number of shares
-Basic			33,267,487				45,350,830				33,107,097				45,338,067
-Diluted			35,172,985				48,126,056				34,407,373				47,874,673

Imperial Petroleum Inc.

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

		December 31,				June 30,
		2025				2026
Assets
Current assets
Cash and cash equivalents			5,771,505				7,518,702
Time deposits			173,282,440				237,712,000
Trade and other receivables			13,403,555				18,666,099
Other current assets			1,107,956				1,239,819
Claims receivable			479,488				909,813
Inventories			4,720,873				10,422,022
Advances and prepayments			245,014				671,496
Total current assets			199,010,831				277,139,951
Non current assets
Operating lease right-of-use asset			—				263,445
Vessels, net			335,406,781				354,689,276
Investment in related party			12,990,167				12,983,917
Total non current assets			348,396,948				367,936,638
Total assets			547,407,779				645,076,589
Liabilities and Stockholders’ Equity
Current liabilities
Trade accounts payable			5,959,924				13,859,897
Payable to related parties			3,038,447				35,151,918
Accrued liabilities			4,195,986				6,373,316
Operating lease liability, current portion			—				100,985
Deferred income			3,399,325				2,653,956
Total current liabilities			16,593,682				58,140,072
Non current Liabilities
Operating lease liability, non-current portion			—				162,460
Total non-current liabilities			—				162,460
Total liabilities			16,593,682				58,302,532
Commitments and contingencies
Stockholders’ equity
Capital stock			489,006				504,406
Preferred Stock, Series A			7,959				7,959
Preferred Stock, Series B			160				160
Treasury stock			(8,390,225	)			(19,020,716	)
Additional paid-in capital			344,445,271				349,111,027
Retained earnings			194,261,926				256,171,221
Total stockholders’ equity			530,814,097				586,774,057
Total liabilities and stockholders’ equity			547,407,779				645,076,589

Imperial Petroleum Inc.

Unaudited Consolidated Statements of Cash Flows

(Expressed in United States Dollars

		Six Month Periods Ended June 30,
		2025				2026
Cash flows from operating activities
Net income for the period			24,050,420				62,779,787
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			10,749,128				16,125,505
Non-cash lease expense			38,849				46,941
Share-based compensation			1,560,719				1,101,156
Unrealized foreign exchange loss/(gain) on time deposits			(1,030,640	)			586,884
Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables			670,769				(5,262,544	)
Other current assets			485,977				(131,863	)
Claims receivable			—				(430,325	)
Inventories			1,319,526				(5,701,149	)
Changes in operating lease liabilities			(38,849	)			(46,941	)
Advances and prepayments			25,021				(426,482	)
Due from related parties			2,084				6,250
Increase/(decrease) in
Trade accounts payable			955,699				7,899,973
Due to related parties			2,990,748				291,101
Accrued liabilities			(132,345	)			2,177,330
Deferred income			765,748				(745,369	)
Net cash provided by operating activities			42,412,854				78,270,254
Cash flows from investing activities
Payments for improvement and capitalized expenses of vessels			(417,320	)			—
Increase in bank time deposits			(101,608,390	)			(331,215,788	)
Maturity of bank time deposits			157,081,011				266,199,344
Net cash provided by/(used in) investing activities			55,055,301				(65,016,444	)
Cash flows from financing activities
Stock repurchases			—				(10,630,491	)
Dividends paid on preferred shares			(868,075	)			(876,122	)
Repayment of seller and capital expenditures financing			(36,700,000	)			—
Net cash used in financing activities			(37,568,075	)			(11,506,613	)
Net increase in cash and cash equivalents			59,900,080				1,747,197
Cash and cash equivalents at beginning of period			67,783,531				5,771,505
Cash and cash equivalents at end of period			127,683,611				7,518,702
Cash breakdown
Cash and cash equivalents			127,683,611				7,518,702
Total cash and cash equivalents shown in the statements of cash flows			127,683,611				7,518,702

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